Olivares began his professional boxing career in 1964 and won his first 22 bouts by knockout, using the left hook as his primary weapon. Power punching was his forte, and it brought him the world bantamweight title on Aug. 22, 1969, when he knocked out Lionel Rose of Australia in the fifth round. The victory gave Olivares a 52-bout record of 51 wins (49 by knockouts) and 1 draw. Olivares made two successful title defenses before losing on Oct. 16, 1970, when he was knocked out by Jesus (“Chucho”) Castillo of Mexico in the 14th round of their second fight. Olivares regained the title by winning a 15-round decision (a fight whose outcome is determined by judges’ scoring) against Castillo in their third fight on April 3, 1971. After defending the title twice, Olivares relinquished it on March 19, 1972, when he was knocked out by Rafael Herrera of Mexico in the eighth round. Thereafter, Olivares fought as a featherweight.

On July 9, 1974, he knocked out Zensuke Utagawa of Japan in the seventh round to win the vacant World Boxing Association (WBA) featherweight title. Following two successful title defenses, Olivares was knocked out in the 13th round by Nicaraguan Alexis Arguello on Nov. 23, 1974. On June 20, 1975, Olivares knocked out American Bobby Chacon in the second round to win the World Boxing Council (WBC) featherweight title. Olivares lost his first title defense on Sept. 20, 1975, to David Kotei of Ghana on a 15-round decision. He retired in 1981 but returned to the ring for one bout in 1986 and another in 1988, losing both. He ended his career with 88 wins (78 by knockouts), 13 losses, and 3 draws. Olivares was inducted into the International Boxing Hall of Fame in 1991.

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